Noting that China has been making efforts to promote the balanced development of trade between the two countries, the Chinese vice premier said it needs joint efforts from both sides to resolve the bilateral trade imbalance.

Chinese Vice Premier Wu Yi (L) and US Trade Representative Rob Portman speak at a news conference following the annual meeting of US-China Joint Comission on Commerce and Trade in Washington April 11, 2006. [Reuters]

Wu said relaxing restrictions on exporting high-tech products to China from the U.S. side will be conducive to achieving a trade balance between the two countries.

On the intellectual property protection, Wu said China has attached importance to the issue and taken a series of measures to address it, adding that marked progress has been made in this regard.

The intellectual property protection is a common issue facing many countries around the world and international cooperation, communication and coordination as well joint efforts are needed to address the issue, Wu said.

The U.S. side said economic and trade relations between the two countries are the most important ones in the world, and the JCCT has become an important platform and consultation mechanism for bilateral economic and trade relations.

Describing the discussions at the 17th JCCT meeting as frank and constructive, the U.S. side said the meeting yielded important results, which will contribute to the fair, sustained and balanced development of economic and trade relations between the two countries.

The U.S. side also said it will enhance and promote the high-tech trade between the two sides.

Established in 1983, the JCCT is a government-to-government consultation mechanism that provides a forum for addressing trade concerns and pursuing bilateral commercial opportunities.